Would you like to own your own home? We offer first time home buyers mortgages loans, as well as current homeowners, an opportunity
to obtain a pre-approval and secure financing within minutes. We can help you determine what price range will fit your budget. We
will also provide you with an actual loan commitment letter for you to give your realtor while you're shopping, giving you more
control of the purchase process. We can assist you in purchasing a multi-family home (2-4 family properties), and when purchasing
a second home or an investment property, we can assist you with little or no money down options. If your prior credit history has
prevented you from purchasing in the past we will work with you to provide different options for obtaining a mortgage loan. We even
have the ability to get you a mortgage loan with no income verified.
We offer you the ability to purchase your home loan with an interest rate buy-down to give you assistance during the first 1, 2 or 3 years of homeownership, keeping your rate lower.
Do you have good credit? You may be able to buy a home without putting any money down, as 100 percent financing programs are available. We can work with you if you are receiving seller concessions, whether you are having the seller pay points to lower your rate or cover the closing costs for you.
If you want to find out exactly what you can afford and qualify for the answers are only a phone call away-call us now!
When refinancing your home loan there are many things to consider. We offer fixed rates mortgage loans, adjustable rates mortgage
loans, and we can tailor our loan programs to specifically meet your needs. Most loan programs have no pre-payment penalties.
Whether you're looking to reduce your term, lower your interest rate or both, talk to us today. We will put together a program
that will keep your overall financial picture in mind and will also meet your cash flow needs today, tomorrow and in the future.
Any real estate transaction that involves the transfer of ownership in a property is considered a purchase.
This can include some construction loans where the borrower is buying the land at the same time that he is constructing the building on the property. The key underwriting factors in purchase deals include: the property information, the credit of the borrower, the down payment as a percentage of the purchase price, and the ability to repay the debt.
With Purchase Loans, the borrower should have at least a 10% down payment BUT THE SELLER MUST BE WILLING TO HOLD BACK A SECOND MORTGAGE for between 10% and 40% of the sale price. The ideal would be for the borrower to have the standard 20%-50% down payment eliminating any need for a seller held second mortgage. Fortunately, the flexibility of our program allowing the seller to hold a second mortgage has saved many loans when the borrower only had the minimum 10% down payment. Additionally, the debt service coverage ratio should be in the 1.00-1.25 range. The terms on purchases and refinances are typically: LTV 50-80%, interest rates that are higher than Grade "A" rates, 15-30 yr amortizations, a possible prepayment penalty, and a possible balloon.
Any real estate transaction that involves paying off existing debt, taking cash out of a property and paying for improvements or
rehabilitation is considered a refinance.
This can include some types of construction loans where the borrower already owns the land and is now trying to construct a building on the land. The key underwriting factors in refinance deals include: the property information, the credit of the borrower, Loan-to-Value (LTV), and the borrower's ability to repay the debt. Some refinances are just "Rate and Term" refinances, meaning that we are only paying off the existing debt on the real estate and the closing costs. The result of which is typically a lower monthly payment for the borrower. This would be in contrast to a "Cash Out" Refinance where the borrower is taking some cash out of the property for one reason or another.